Jan 9, 2013

Finland Gets Nordic Investment Bank Loan to Boost Hydropower

Jan. 9 (Bloomberg) — Kemijoki Oy, the Finnish
hydroelectric company, won a 20 million-euro ($26 million) loan
from the Nordic Investment Bank to boost hydropower in the
country as it seeks to reduce reliance on fossil fuels.

The 12-year loan will help Kemijoki upgrade its hydropower
facilities and increase output by 25 megawatts when completed in
2016, according to a statement from the Helsinki-based NIB.

Kemijoki, majority owned by the Finnish government,
operates 20 hydropower plants with a total capacity of 1,142
megawatts, according to the NIB, which is owned by Denmark,
Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.

Finland is boosting hydropower because of its ability to
balance intermittent renewable sources such as wind. The nation
plans to increase electricity from renewables by 28 percent to
33 terawatt-hours by 2020 to replace fossil fuels and curb
emissions, according to the 2008 national climate and energy
strategy. The government will finalize an update to this
document by the end of this month.

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